That drug combination, which is being compared to using chemotherapy alone, is expected to be administered as a first-line treatment.

“If approved, necitumumab could be the first biologic therapy indicated to treat patients with squamous lung cancer,” Lilly Oncology vice president of product development and medical affairs, Dr. Richard Gaynor, said in a statement.

Shares of Lilly were up close to 5% in early trade to $56.28. They are up 30% over the last 12 months.

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U.S. stocks ended down on Tuesday in a retreat from the previous session's sharp rally as energy shares declined and the dollar edged up, but the S&P 500 and Nasdaq registered their ninth straight quarterly rise.